Morocco To Have First Full Islamic Banking Institution By October | Bernama

Updated October 20, 2015 04:31 PM EDT

Morocco To Have First Full Islamic Banking Institution By October | Bernama

Morocco takes another step in establishing itself as a regional finance hub:

Morocco is poised to have its first fully-fledged Islamic banking institution by October this year and is the only North African country rated investment grade seeking to tap the US$1.8 trillion industry.

In a statement today, the Finance Accreditation Agency (FAA) said it had the opportunity to work closely with the Moroccan government to introduce a sustainable framework, which includes building a pipeline of quality talent for the Islamic finance industry.

“Strong demand for Islamic finance products has prompted the Moroccan government to introduce new banking laws with provisions for establishing Shariah compliant banks,” it said.

On the sidelines of the International Participative Finance Forum Casablanca, which was attended by more than 400 high-level bankers and regulators from across the African region, FAA Chief Executive Officer Dr Amat Taap Manshor said it is important to build a strong talent pipeline to support Morocco’s future Islamic finance industry…[FULL STORY]